Financial Performance - The total assets of China Zheshang Bank reached RMB 3 trillion in 2023, marking a significant milestone[6]. - Revenue growth has been the fastest among joint-stock banks for 10 consecutive quarters[6]. - Net profit returned to double-digit growth, with non-performing loan ratio decreasing for two consecutive years[6]. - The bank achieved a revenue growth rate that has been the highest among national joint-stock banks for 10 consecutive quarters, with a double-digit profit growth[10]. - Net profit attributable to shareholders reached CNY 15.048 billion, reflecting a growth of 10.50% compared to the previous year[19]. - Operating income for 2023 was RMB 63.70 billion, up 4.29% from RMB 61.09 billion in 2022[53]. - Non-interest income increased to RMB 16.18 billion in 2023, representing a 15.43% growth from RMB 14.00 billion in 2022[48]. - The bank's non-performing loan ratio improved to 1.44% in 2023, down from 1.47% in 2022[53]. - The total amount of loans and advances was CNY 17.2 trillion, representing a year-on-year increase of 12.54%[19]. - The total deposits reached RMB 1,868.66 billion, marking an 11.13% increase from RMB 1,681.44 billion in 2022[53]. Capital and Risk Management - The bank successfully raised RMB 12.5 billion through A+H share placements, exceeding expectations[8]. - The issuance of RMB 30 billion in subordinated bonds received enthusiastic subscriptions from major institutions[8]. - The bank's risk management capabilities were enhanced through the introduction of state-owned shareholders, improving the capital structure[8]. - The non-performing loan ratio stood at 1.44% with a provision coverage ratio of 182.60%, indicating stable asset quality[10]. - The capital adequacy ratio was 12.19%, with a Tier 1 capital ratio of 9.52% and a core Tier 1 capital ratio of 8.22%[19]. - The company has implemented a strict risk management framework, focusing on prudent credit risk management and enhancing financial technology applications[124]. - The company aims to control credit risk within a manageable range to maximize risk-adjusted comprehensive benefits in local currency[125]. - The credit risk management framework includes the board of directors, supervisory board, senior management, and various committees, ensuring comprehensive oversight[125]. Revenue Sources and Business Strategy - The bank's non-interest income contributed over 80% of the revenue increase, indicating a shift towards diversified revenue streams[7]. - The bank's "smart revenue" reached nearly 50% by the end of 2023, contributing significantly to high-quality development[10]. - The bank's strategy emphasizes "321" revenue expansion, focusing on retail, small loans, and supply chain finance[38]. - The bank plans to deepen its focus on scenario finance and enhance its digital transformation in the coming year[11]. - The bank aims to provide comprehensive financial advisory services to government and enterprises, promoting regional integrated financial service models[12]. Customer and Market Expansion - The establishment of 93 financial advisory studios across 22 provinces, expanding the financial consulting service model[6]. - The bank signed contracts with over 100 strategic clients, including major state-owned enterprises, achieving a coverage rate of 95%[11]. - The bank's financing services in Zhejiang province exceeded 920 billion RMB, with local debt underwriting ranking first among all underwriting banks[12]. - The bank's customer base includes 35.6% corporate clients, 43.4% small business clients, and 50.3% individual quality clients[40]. - The total number of retail customers reached 2,678.01 million, an increase of 34.26% compared to the previous year[153]. Digital Transformation and Technology - The company has advanced its "Technology Empowerment" strategy, enhancing digital infrastructure and promoting digital transformation initiatives[150]. - The company is focusing on digital transformation in anti-money laundering efforts, enhancing data governance and building a new generation of anti-money laundering systems[151]. - The online banking transaction replacement rate reached 99.85%, positioning the company as an industry leader[179]. - The company has applied for over 110 patents and published more than 20 papers and white papers in the field of financial technology during the reporting period[178]. Governance and Compliance - The company governance structure continues to improve, ensuring independent operation and effective checks and balances among the shareholders' meeting, board of directors, and supervisory board[194]. - The board consists of 14 directors, with 5 being independent non-executive directors, exceeding the requirement of at least one-third independence[199]. - The company has implemented a compliance risk management framework to ensure legal and regulatory compliance, enhancing internal governance levels[148]. - The company aims to enhance its service quality and efficiency in supporting the real economy, aligning with national financial policies[58].

Investment Rating - The investment rating for the company is "Buy" with a target price of 3.64 CNY per share, corresponding to a PB of approximately 0.6X for 2024 [2][3]. Core Insights - In 2023, the company reported a revenue growth of 4.3%, PPOP growth of 0.3%, and a net profit attributable to shareholders growth of 10.5%, making it the only national joint-stock bank with double-digit profit growth and revenue profit growth [2][3]. - The company completed its off-balance sheet transition in 2023, with a year-end balance of net value-based wealth management products at 146.26 billion CNY, accounting for 98.0% of the wealth management proportion [2]. - The company’s net interest margin for 2023 was 2.01%, with a declining trend observed in the second half of the year [2][3]. - The asset quality remained stable, with a non-performing loan ratio of 1.44% at the end of 2023, showing a slight decrease from the previous quarter [2][3]. Financial Performance Summary - The company achieved a year-on-year revenue growth of 4.3% in 2023, with quarterly growth rates of 4.8% in Q4, indicating a recovery trend [2][3]. - The net profit attributable to shareholders for 2023 was 10.5%, with a significant increase in the fourth quarter compared to the previous quarters [2][3]. - The core Tier 1 capital adequacy ratio at the end of 2023 was 8.22%, an increase of 0.17 percentage points year-on-year [2][3]. Asset Quality and Risk Management - The non-performing loan ratio at the end of 2023 was 1.44%, with a year-on-year decrease in the net generation rate of non-performing loans by 25 basis points [2][3]. - The company maintained a provision coverage ratio of 183% at the end of 2023, indicating a strong buffer against potential loan losses [2][3]. - The overdue loan ratio decreased to 1.63%, reflecting effective risk management practices [2][3].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8][11] Core Views - The company has released strategic benefits, with asset quality continuing to improve. In 2023, the company achieved an operating income of 63.7 billion yuan, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 15 billion yuan, up 10.5% year-on-year [3][4][7] - The company's total asset scale reached 3.14 trillion yuan by the end of 2023, growing by 19.9% compared to the beginning of the year, with loan and deposit scales increasing by 12.5% and 11.1%, respectively [3][4][7] - The company has a cash dividend plan for 2023, proposing a distribution of 1.64 yuan per 10 shares, with a cash dividend ratio of 31.98% [3][4] Summary by Sections Financial Performance - The company's net interest income grew steadily, with a year-on-year increase of 0.99% in 2023, despite a narrowing interest margin. The net interest margin at the end of 2023 was 2.01% [4][9] - Non-interest income from fees and commissions saw a slight decline, with a year-on-year growth of 5.20% [4][9] - The company’s asset quality indicators improved, with a non-performing loan (NPL) ratio of 1.44% at the end of 2023, down from the previous quarter [7][9] Strategic Initiatives - The company has adopted a strategy focused on "weakly sensitive assets to the economic cycle," which has contributed to the improvement in asset quality and profitability [4][8] - The company is enhancing its wealth management capabilities with the establishment of a new wealth management subsidiary [4][8] Future Outlook - The report anticipates a gradual improvement in the company's profitability quality, with projected earnings per share (EPS) for 2024-2026 being 0.58, 0.62, and 0.68 yuan, respectively [8][10] - The company’s price-to-book (P/B) ratios for 2024-2026 are projected to be 0.48x, 0.45x, and 0.42x, respectively, indicating a favorable valuation outlook [8][10]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown stable performance with a revenue of 63.704 billion yuan in 2023, representing a year-on-year growth of 4.2%, and a net profit of 15.048 billion yuan, up 10.5% year-on-year [1][2] - The total assets of the company reached 3.14 trillion yuan by the end of 2023, an increase of 19.9% from the beginning of the year, driven by increased bond allocations [1] - The company has improved its asset quality, with a non-performing loan ratio of 1.44%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 183%, up approximately 1 percentage point [1][5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 63.704 billion yuan, a 4.2% increase from 2022, and a net profit of 15.048 billion yuan, reflecting a 10.5% growth [2][5] - The diluted earnings per share (EPS) for 2023 was 0.53 yuan, with projections for 2024, 2025, and 2026 at 0.58, 0.65, and 0.72 yuan respectively [5] Asset Quality - The company reported a non-performing loan ratio of 1.44% at the end of 2023, a decrease from 1.47% in 2022, indicating improved asset quality [5] - The provision coverage ratio increased to 183%, reflecting a decrease in provisioning pressure due to improved asset quality [1][5] Future Projections - The company expects a slight adjustment in net profit forecasts for 2024-2026 to 16.4 billion, 18.2 billion, and 20.2 billion yuan, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The price-to-earnings (PE) ratio is projected to be 4.7, 4.3, and 3.8 for the years 2024, 2025, and 2026 respectively, while the price-to-book (PB) ratio is expected to be 0.44, 0.41, and 0.38 [1][5]

浙商银行股份有限公司 2023 年度会计师事务所履职情况评估报告 浙商银行股份有限公司（以下简称"公司"）聘请毕马威 华振会计师事务所（特殊普通合伙）为公司 2023 年度境内财 务报表审计及内部控制审计的会计师事务所。根据财政部、 国资委及证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》，公司对毕马威华振会计师事务所（特殊普通 合伙）2023 年度财务报告和内部控制审计过程中的履职情况 进行评估。经评估，公司认为毕马威华振会计师事务所（特 殊普通合伙）资质等方面合规有效，履职保持独立性，勤勉 尽责，公允表达意见，具体情况如下： 一、资质条件 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成 立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙 的合伙制企业，更名为毕马威华振会计师事务所(特殊普通 合伙)（以下简称"毕马威华振"），2012 年 7 月 10 日取得工 商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东 长安街 1 号东方广场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中 ...

证券代码：601916 证券简称：浙商银行 公告编号：2024-011 浙商银行股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙） （以下简称"毕马威华振"）和毕马威会计师事务所（以下简称"毕马威香 港"）。 一、拟续聘会计师事务所的基本情况 （一）机构信息 （1）基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙）（以下简称"毕马威华振"），2012 年 7 月 10 日取得 工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广 场东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师资格。 于 2023 年 12 月 31 日，毕马威华振有合伙人 234 人 ...

一、募集资金基本情况 根据中国证券监督管理委员会于2023年2月16日核准的证监许可〔2023〕339 号文《关于核准浙商银行股份有限公司配股的批复》，浙商银行于2023年7月6日 向A股原股东配售4,829,739,185股人民币普通股，每股发行价格为人民币2.02元， 募集资金总额为9,756,073,153.70元。扣除发行费用人民币34,225,005.83元（不含 增值税）后，实际募集资金净额为人民币9,721,848,147.87元（以下简称"募集资金 "），上述资金于2023年6月27日到位。2023年6月27日，毕马威华振会计师事务所 (特殊普通合伙)对本次A股配股募集资金到位情况进行了审验，并出具了《浙商银 行股份有限公司验资报告》(毕马威华振验字第2300822号)。 二、募集资金管理与存储情况 （一）募集资金的管理情况 为规范公司募集资金的管理和使用，提高募集资金使用效率，保护投资者的利 益，浙商银行根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证 券交易所股票上市规则》以及《上海证券交易所上市公司募集资金管理办法》等有 中信证券股份有限公司 关于浙商银行股份有限公司2023 ...

浙商银行股份有限公司 2023 年社会责任报告 2024 年 3 月 | | | 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 其内容的真实性、准确性和完整性承担个别及连带责任。 报告范围 报告组织范围：本报告以浙商银行股份有限公司为主体部分，涵盖子公司部分内容。为便于表 述，在报告中"浙商银行股份有限公司"以"浙商银行""我行""本行""我们"表示。 报告时间范围：2023 年 1 月 1 日至 2023 年 12 月 31 日。部分内容超出上述范围。 报告发布周期：每个财务年度。上一年度报告发布于 2023 年 3 月。 本报告中的财务数据来源于经过审计的《浙商银行股份有限公司 2023 年度报告》，其他数据 来源于浙商银行内部文件和相关统计。部分内容、数据适当追溯以前年份。 报告参照标准 本报告编制遵循国家金融监督管理总局（原中国银保监会）《关于加强银行业金融机构社会责 任的意见》《银行保险机构消费者权益保护监管评价办法》、中国银行业协会《中国银行业金融机 构企业社会责任指引》、上海证券交易所《关于加强上市公司社会责任承担工作暨发布<上海证券 交易所上市公司环境信息 ...

公司代码：601916 公司简称：浙商银行 浙商银行股份有限公司 2023 年度内部控制评价报告 浙商银行股份有限公司全体股东： 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 √有效 □无效 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称"公司"或"本行"）内部控制制度和评价办法，在内部控 制日常监督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控 制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安 ...

浙商银行股份有限公司 内部控制审计报告 i KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 半马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码 : 100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙商银行董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性 ...